Philippines Is Set to Sell
Its Stake in San Miguel

MANILA, Philippines -- If First Pacific Co. of Hong Kong wants to take over San Miguel Corp., there's now a big batch of shares waiting to go to the highest bidder.

Philippine President Fidel Ramos said that to raise government revenue, he had paved the way for a sale of government-owned shares of the country's biggest food and beverage conglomerate. In his weekly televised news conference, Mr. Ramos said he had "authorized" the Presidential Commission on Good Government to talk with prospective buyers of its San...